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Question
John lent Rs. 2550 to Mohan at 7.5 percent per annum. If Mohan discharges the debt after 8 months by giving an old black and white television and Rs. 1422.50; find the price of the television.
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Solution
Given:
- Principal (P) = Rs. 2550,
- Rate (R) = 7.5% per annum,
- Time (T) = `8/12` = 0.6667 years,
- Cash paid = Rs. 1422.50.
Step 1: Calculate the simple interest
The formula for simple interest is:
`SI = (P.R.T)/100`
Substitute the values:
`SI = (2550xx7.5xx0.6667)/100`
= Rs. 127.50.
Step 2: Total debt to be repaid
Total debt = P + SI = 2550 + 127.50 = Rs.2677.50.
Step 3: Price of the television
The price of the television is the remaining amount after deducting the cash paid:
Price of television = Total debt − Cash paid.
Price of television = 2677.50 − 1422.50
= Rs. 1255.
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